Australia's economy is one of world's strongest. Its economic strength lies in several effective economic reforms introduced by different Australian national governments. Australia is expected to experience a stable economic growth in next five years. Australia economic data given here would provide you with some indication about its economic strength.
Total GDP (purchasing power parity) of Australia is worth around $674.9 billion, and is 17th largest in world. In 2008, real gross domestic product growth registered by Australia was around 2.6 percent. In 2009, gross domestic product growth is predicted to remain about 2.1 percent. In fact, annual GDP is expected to hover around 2.4 percent between 2009- 2013. Domestic demand will be major propeller of economic growth for this country in future years.
Australia exports and imports
Total exports made by Australia rose to $21.9 billion in May 2008. Compared to previous year, same time period, Australian exports saw a 19.5 percent improvement. Growth in exports was driven by improved performance of non-rural commodities, which increased by 1.6 percent in May. Rural goods export also did well, and registered a growth of 2.2 percent. Services exports also registered a growth of 0.7 percent in May.
Total imports in Australia rose to $ 22.8 billion in May 2008. This was an improvement of 17.0 percent over previous year figures for same time period. Major products to be imported to Australia included machinery, transport equipment, telecommunication equipments, crude oil, and petroleum products. Major import partners for Australia were China, Japan, Singapore, Germany, and United States.
According to data released by Australian Bureau of Statistics (ABS) in October 2008, rose to 5 percent in September 2008. Weighted median consumer price index registered an increase of 1.3 percent in same quarter. Rising inflation rate had made Reserve Bank of Australia to spike interest rates. Analysts expect further rate cuts in Australia to counter problems raised by global economic crisis.